CHAPTER III
DIRECT TAXES
Income-tax
Amendment of section 194B.
35. In section 194B of the Income-tax Act, for the words "five thousand rupees", the words "ten thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
Notes on Clauses:
Clause 35 of the Bill seeks to amend section 194B of the Income tax Act relating to winnings from lottery or crossword puzzle.
Under the existing provisions contained in the aforesaid section, any person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort in excess of five thousand rupees is required to deduct income-tax on such payment at the rates in force.
It is proposed to enhance the said limit from five thousand rupees to ten thousand rupees.
This amendment will take effect from 1st July, 2010.
